Redesigning the identification and payment experience for Nigeria’s foremost neobank.
Flux is a cross border payments company powered with crypto in over 40 countries. We identified users' inability to verify their identity during the onboarding process with only about 6-10% successful verification. This in turn led to 35% of users actively transacting. We replaced unused features with new ones which reduced churn rate from 70% to 30%. A move that led to a 5X boost in transaction volume and a 60% increase in customer acquisition.
- Date2021
- RoleUX strategy, Wireframing, UI Design, Prototyping, Customer Interviews
Identified Problems
Problem One
Only 20%-25% of newly registered users get verified leading to a high churn rate.
High churn rate as a result of identity verification problems during the onboarding process. Being a financial institution, we are required by monetary authorities to verify a user's identity. The method adopted to do this was to send a verification code to the phone number attached to a user’s BVN (The Bank Verification Number is an 11-digit unique identity for each individual across the Nigerian Banking industry). Because only verified customers are eligible to transact, many users end up in the loop of remaining unverified because of the following reasons:
- They don't get the verification code
- They don't have access to the phone numbers attached to their BVN
- There is no alternative way to verify a users identity
Problem Two
Increase in business expenses as a result of unused features
We were able to identify some set of features with low engagement rates. The ROI on the amount spent on marketing brought lower than expected results. Some of the features removed include:
Flux Store
Flux Gifts
Problem Three
Problem with Information hierarchy
Some users identified that some of the important actions they want to take were hidden in menus and sidebars which makes it longer for them to achieve their task. While addressing this, we noticed “wallet funding” is an important task for users, we assigned virtual accounts numbers but on some occasions, transfers made to these accounts do not reflect hence creating panicking and irate users. For some customers they simply do not want another account number added to their numerous collections.
Taking an insight from customers and Data over a 6 months journey
We reverse engineered the process to collect only the users BVN and a photo selfie during the onboarding process.
By doing this, our machine learning algorithms match the customer picture contained in the BVN to the selfie photo provided by the user. With an accuracy of 99%, This method helped improve our percentage of newly registered users who get verified from 25% to 80%.
Created new features to support new use cases
New features added include:
Virtual Cards
This informed our decision to introduce the virtual cards feature to help our users make safe and secure payments online.
From feedback from customer support representatives, close customer interactions and constant data reviews, we figured out that users want to keep their spending in one place. To help them safely transition from their traditional bank, they need more than just the ability to move money. They want Flux to cater for their other payment needs.
Bill & Utility Payment
Also, an utility payment feature was launched to help users make bill payment like electricity, cable TV and Internet subscriptions via the app.
The first time I used the app, it was all confusing to me. The most important things I cared about were hidden in menus and sidebars.
~ Temi Otedola
A refreshed interface layout that users can navigate with ease
The challenge resulted in a refreshed interface layout that users can navigate with ease. Of the features available on the app, wallet transfers and crypto transactions reported the most usage. This meant one thing for the design team, people need to be able to access this segment faster to achieve what they need to do. We added a "Add money with debit card“ feature to give more options to users to add money other than their virtual account numbers. This led to a significant drop in daily funding related support ticket from 52 to 4
An exciting and interactive new website
I went ahead to create a brand new website to showcase the features added to the app. Special attention was given to the use of bold text, imagery and graphic elements.
Visit Website
Impact
4000
New users with over 3500 successfully verified
30%
of our users created virtual cards immediately after launch with 25% funding right after they created the cards
0% to 40%
By adding the "fund wallet with debit card", the share of customer funding via bank transfer to virtual accounts went from 100% to 60% and via debit card from 0% to 40%